A rebound in the price of bitcoin has sharply narrowed losses for MicroStrategy’s (MSTR) holdings of the cryptocurrency. When Michael Saylor stepped down almost exactly a year ago as CEO of MicroStrategy to become its executive chairman with a sole focus on investing in bitcoin, his digital-asset strategy was looking pretty bleak. He had already spent billions of dollars of MicroStrategy’s money to purchase bitcoin — and his paper loss amounted to about $1 billion. Today, though, MicroStrategy’s position looks brighter as bitcoin’s price has rebounded to above $29,000. Saylor has bought more. MicroStrategy now owns 152,800 bitcoins, up from 129,699 when he surrendered the CEO job. Those new purchases have lowered MicroStrategy’s cost basis to $29,672. Bottom line: MicroStrategy, a software company that has become a proxy for bitcoin’s price because of its largest holdings of the cryptocurrency, is nearly back in the black with bitcoin. (The full story will be available on CoinDesk at 9:30 a.m. ET.)
Related posts
-
Tokyo-Listed Metaplanet Adopts Bitcoin (BTC) as Strategic Reserve Asset as Japan Grapples With Debt Burden
“As the yen continues to weaken, Bitcoin offers a non-sovereign store of value that has, and... -
Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K
Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains... -
Bitcoin Magazine CEO Discloses Links With Trump Campaign: “It’s Time for Bitcoin to Elect the Next President”
David Bailey, CEO of Bitcoin Magazine, has disclosed his nexus with the campaign of former President...